Date: 30.05.2022.

Kuala Lumpur, 30 May 2022

Sapura Energy Berhad (“Sapura Energy” or “the Group”), wishes to announce that its wholly-owned subsidiary Sapura 3000 Private Limited (“Sapura 3000 Pte. Ltd.”) has entered into a Memorandum of Agreement (“MOA”) with Safeen Feeder Company – Sole Proprietorship LLC, a company in the Abu Dhabi Ports Group of Companies, for the disposal of its pipe-laying and crane vessel known as Sapura 3000 for a total cash consideration of USD71.5 million or approximately RM312.8 million.

The price of the vessel was based on a willing buyer-willing seller basis, after conducting an international Request for Proposal process.

The proposed asset disposal exercise is part of the Group’s Reset plan, which focuses on Sapura Energy’s long-term sustainability by improving its liquidity position, streamlining its operating model and providing greater flexibility for strategic growth.

The cash generated from the proposed disposal of Sapura 3000 will be utilised for working capital and to reduce the borrowings of the Group. Sapura Energy expects the sale of the asset to be completed by the middle of July, this year.

The Sapura 3000 is a versatile heavy lift pipe laying vessel, equipped with a 3,000 short tonnes revolving mast crane, capable of executing deep and shallow water projects. Sapura 3000 was built in 2008 and is currently sailing under the flag of Malaysia.

Cautionary note: “Sapura Energy”, “the group” and “the company” are used for convenience where references are made to Sapura Energy Berhad in general. Similarly, words like “we”, “us” and “our” are used to refer to Sapura Energy Berhad in general or to those who work for the company and its subsidiaries, where relevant. This press release may contain forward-looking statements. All statements other than statements of historical facts included in this press release, including, without limitation, those regarding our financial position, financial estimates, business strategies, prospects, plans and objectives for future operations, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. Such forward-looking statements reflect our current view with respect to future events and are not a guarantee of future performance. Forward-looking statements can be identified by the use of forward-looking terminology such as the words “may”, “will”, “would”, “could”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “aim”, “plan”, “forecast” or similar expressions and include all statements that are not historical facts.